Periods of growth are often triggered by increases in aggregate demand such as a rise in consumer spending, but sustained growth must involve an
increase in output. If output does not increase,
any extra demand will
push up the price level. sustainable economic growth means a rate of growth which can be maintained without
creating other significant economic problems, especially for future
generations. There is clearly a trade-off between rapid economic growth
today, and growth in the future. Rapid growth today may exhaust
resources and create environmental problems for future generations,
including the depletion of oil and fish stocks, and global warming.
May 4th, 2015
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